We analyze how pro-market institutions affect firm performance in emerging markets. Integrating transaction costs and signaling theory, we advance three arguments. First, we separate four dynamic components of pro-market institutions: intensifying and fading pro-market reforms and intensifying...

We analyze how an aspect of institutional change — regional integration in the form of regional trade agreements (RTAs) — affects the degree of global orientation (DGO) of emerging market (EM) multinational enterprises (MNEs). We decompose regional integration into three key dimensions...